Sora expected to remain low, but analysts say further decline limited 

[SINGAPORE] Analysts expect a limit to the decline in Singapore’s benchmark interest rates ahead, especially as Singdollar rates are currently already at a historically wide discount from US dollar rates.

The impact of impending US rate cuts is also unclear, given that Singdollar rates seem to have decoupled from US dollar rates for a large part of this year, said Eugene Leow, senior rates strategist at DBS.

The Singapore Overnight Rate Average (Sora) fell sharply in 2025, driven by flushed domestic liquidity and safe-haven inflows.